Arsenal chairman Peter Hill-Wood has assured shareholders that their search for a new managing director is on track.

"There has been a lot of speculation about the appointment of a new Managing Director," Mr Hill-Wood said at Thursday's AGM. "Our efforts have not been, as described in some newspapers 'inept', we have been working hard and we are still working.

"We believe that we will be able to make an appointment fairly shortly. Our view is that it is a very important appointment so rather than make a quick decision, we feel it is more important to make the right one.

"Ken Friar has, again, stepped in and done an extremely good and efficient job as you all would expect."